The Barclays U.S. Aggregate Bond Index is an unmanaged index composed of investment-grade securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index. The S&P 500 Index is the Standard & Poor's Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices. It is not possible to invest in indexes which are unmanaged and do not incur fees and charges.

The Arrow DWA Balanced Fund may not be suitable for all investors. The fund's use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. Investing in leveraged instruments will magnify any gains or losses on those instruments. Investing in commodity and currency related securities may be subject to greater volatility than investments in traditional securities. The fund's use of short selling involves increased risks and additional costs. Investing in small-cap securities, may have special risks associated including wider variations in earnings and business prospects than larger, more established companies. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation. The maximum sales charge for Class A is 5.75%. Class A investors may be eligible for a reduction in sales charges. The fund charges a fee of 1.00% on redemptions of shares held less than 30 days.

Multiple Rotation StrategiesThe four market segments are managed through the use of five underlying rotation strategies. The goal of each rotation strategy is to systematically identify and provide exposure to leading strategy components on an ongoing basis.

The Fund seeks to moderately overweight market segments, rotation strategies, and ETFs exhibiting positive relative strength and underweight market segments, rotation strategies, and ETFs exhibiting negative relative strength. In essence, TAA works by reallocating at different times in response to the changing patterns of returns available in the markets. Below is a description of each rotation strategy, including minimum and maximum exposures and targeted number of ETF holdings:

Portfolio of Exchange Traded FundsThe Fund will seek to implement its strategies by investing in exchange traded funds, an efficient and effective investment designed to closely track the composition, performance and yield of an underlying index. ETFs typically provide exposure to different market segments by investing in a diverse "basket" of stocks, bonds, or commodities. ETFs are listed and traded on U.S. stock exchanges. Simply put, they trade like stocks and act like index funds.

Before investing, please read the prospectus and shareholder reports to learn about the investment strategy and potential risks. Mutual fund investing involves risk including loss of principal. An investor should also consider the investment objective, charges, expenses, and risk carefully before investing. This and other information is contained in the prospectus, which can be obtained by calling 1-877-277-6933 or by clicking here. Please read the prospectus carefully before investing. Arrow Funds are distributed by Archer Distributors, LLC (member FINRA).